Sukanya Samriddhi Updates

Recently government of India had launched, the Sukanya Samriddhi Yojana, for a better future of girl child in the country. The scheme has been receiving overwhelming response from the parents across the country. we have already covered the features on Sukanya Samridhi Yojna page.

On this page you will get latest news updates related to “Sukanya Samriddhi” scheme

The Punjab National Bank has become the first bank to start opening Sukanya Samriddhi Scheme accounts. According to the bank, the scheme is available at 1,604 PNB branches across India. The Reserve Bank of India had sent a circular to the heads of all the commercial banks, to implement the operational guidelines of the Sukanya scheme. Till now no other bank has implement the scheme, except PNB.

The higher rate of interest of 9.10% is for the current financial year which is likely to change every year. The rate of interest will be decided for each financial year in the month of respective April month. The good part is that interest is linked to 10-year G-Sec like PPF. The rate of 10-year G-Sec at present is around 8.70% currently and thus it is giving 0.40% higher but there is no guarantee in future that this will always remain high. Secondly, we are witnessing lower inflation and most of the experts believe that repo rate will fall further, so the chances of SSS return coming down is also higher.

Sukanya Samridhi has become a category similar to PPF. It allows tax deduction and tax free returns. But while superior to PPF in terms of returns, it is inferior to PPF in flexibility. So, one should look at it only if there is a need for it.

A ten-minute-old baby in the city became the country’s youngest account holder under the ‘Sukanya Samridhi Yojana’ (SSY) scheme that was launched by the Narendra Modi administration in January 2015 for welfare of girl child. Born at 2.15pm at Lady Lyall Hospital, the girl`s parents opened the account ten minutes later – a national record, according to the Agra postal department.